Standard Motor Products announced it has acquired certain assets and liabilities of the Pollak business of Stoneridge Inc. for approximately $40 million, subject to post-closing adjustments.

With manufacturing and distribution facilities in Canton, Massachusetts; El Paso, Texas; and Juarez, Mexico, Stoneridge’s Pollak business distributes a range of engine-management products, including sensors, switches and connectors. 2018 net sales volume for the business was approximately $45 million.

SMP will be relocating all production to existing SMP locations and is not acquiring any of the Pollak locations or employees. It is expected that the business will be fully integrated within 12 months.

“We are very pleased to announce this acquisition,” said Eric Sills, CEO and president of Standard Motor Products. “We believe that the two businesses are very complementary. Pollak has a long and successful history of providing custom and standard components to many prestigious customers. This acquisition will enhance our growth opportunities in OE/OES, heavy-duty and commercial vehicle markets and add to our existing expertise in aftermarket distribution, product management and service.  The new market exposure offers expansion opportunities for our existing product lines as well as potential for new products to manufacture and sell.

“We believe the acquisition will be accretive to earnings in Year 1, excluding one-time integration costs.”